Russia to launch its payment system in months, as disruption fears mount

The move by international payment systems Visa and MasterCard to block their use in Russia has unnerved some Russian businesses. Meanwhile, Moscow says its own national payment system may become fully operative within months.

Last week MasterCard and Visa stopped servicing some Russian
banks, which shows the Russian market remains the monopoly of
international operators.

Although the payment systems resumed operations with Russia’s SMP Bank on
Sunday, it is estimated clients withdrew about $111 million from
their accounts in just two days.

After years of rhetoric over the need to launch a domestic
payment system in Russia, it may become a reality soon.

“The payment system PRO 100 is technologically ready to
provide national processing in the near future. We estimate it
will take a couple of months, as key Russian banks, that account
for more than 40 percent of the market, are already linked to the
PRO 100 payment system,” Andrey Nesterov, director of
corporate communications at the Universal Electronic Card told
RT.

Launched as a pilot in 2010, the project Universal electronic
card provides for settlements of government, municipal and
commercial services via Internet and self-service machines. The
card’s electronic banking application is based on the payment
system ‘Universal electronic card’, which has a logo PRO 100.

Four Russian banks are technically ready to use the Russian
payment system – Sberbank, Uralsib, AK BARS and Moscow Industrial
Bank.